*The Central Bank of Nigeria explains to the House of Representatives the Bank’s cashless policy will boost economic opportunities for small businesses and rural communities to facilitate trade, improve livelihood to accelerate economic growth in the West African country

Isola Moses | ConsumerConnect

In the Bank’s bid to advance cashless policy towards boosting economic opportunities for small businesses and rural communities, the Central Bank of Nigeria (CBN) has urged the National Assembly (NASS), Abuja, FCT, to support its implementation of transformational payments and financial industry initiatives in the country.

ConsumerConnect reports Mr. Godwin Emefiele, Governor of CBN, made this request during his recent briefing at the House of Representatives plenary.

Nigeria’s House of Representatives in a plenary

The Federal lawmakers had invited Emefiele for an update on the CBN’s Naira redesign and cashless policies.

The Governor of CBN, represented at the briefing with the House plenary by Mrs. Aisha Ahmad, Deputy Governor, Financial Systems Stability, stated that the cashless policy would boost economic opportunities for small businesses and rural communities to facilitate trade and improve livelihood, thereby boosting economic growth.

Benefits of Naira redesign and cashless policy

Emefiele restated that the reduction of cost of cash management and incidence of crimes are some benefits of the cashless policy in the Nigerian economy.

He noted that the policy did not prohibit cash transactions above the prescribed limits.

The CBN Governor said: “It is in public interest to promote an efficient payment system via the cashless policy which helps reduce the punitive costs of cash processing.”

He also clarified that the recent Naira redesign and reintroduced cashless policy were apolitical and not targeted at any group in Nigeria.

The Bank further pledged its flexibility to make the necessary adjustments to ensure wider public acceptance of its monetary policies.

He, therefore, commended the the House of Representatives for the Legislature’s strong advocacy on behalf of the Nigerian people.

According to Emefiele, the new policies would not disenfranchise Nigerians in rural, underserved areas.

The CBN further assured “we are committed to the seamless implementation of of Naira redesign and cashless policies.”